Cars imports, crude oil help Vietnam customs beat 2019 revenue target

Dec 19, 2019 / 02:18 PM

In the January – November period, Vietnam imported 135,230 cars worth US$2.91 billion, up 100.4% in quantity and 97.7% in value year-on-year.

Hefty imports of cars and crude oil into Vietnam helped customs authorities collect over VND335.6 trillion (US$14.48 billion) in taxes as of December 17, exceeding the target of VND315.5 trillion (US$13.61 billion) set by the Ministry of Finance and up 11.6% year-on-year, according to the General Department of Vietnam Customs (GDVC).

Overview of the conference. Source: GDVC.

In the January – November period, Vietnam imported 135,230 cars worth US$2.91 billion, up 100.4% in volume and 97.7% in value year-on-year, leading to customs revenue of VND38.2 trillion (US$1.64 billion), up VND19.32 trillion(US$833.77 million) or 102.4% year-on-year.

Meanwhile, nearly 7.07 million tons of crude oil were imported in the 11-month period worth US$3.33 billion, up 58% in volume and 38% in value year-on-year, resulting in customs revenue of VND7.87 trillion (US$339.64 million), up 41% year-on-year.

Customs revenue from other goods also increased VND14.72 trillion (US$635.26 million), up 5.8% year-on-year, stated the GDVC.

According to the GDVC, such positive results were thanks to Vietnam’s actively participation in multilateral and bilateral cooperation with regional and international partners.

The signing and enforcement of a number of free trade agreements, including the Vietnam – South Korea FTA (VKFTA), the ASEAN – South Korea FTA (AKFTA), the Comprehensive and Progressive Trans – Pacific Partnership (CPTPP), have created a positive impact on Vietnam's business environment, supporting local enterprises to expand investment and trade activities, said the GDVC.

Additionally, as of November 30, revenue gained from measures to prevent losses to the state budget was estimated at over VND3.88 trillion (US$167.44 million), including VND992 billion (US$42.81 million) from resolving tax arrears, VND1.8 trillion (US$77.67 million) from post-customs clearance, VND481 billion (US$20.75 million) from price consulting, VND448.3 billion (US$19.35 million) from anti-smuggling, and VND167.1 billion (US$7.21 million) from inspections.

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The contribution of import duty to customs revenue has been declining over the past few years, from 21.85% in 2017 to 17.4% in 2018 and 16.7% in 2019.

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The establishment of communication channel under the agreement is instrumental in the fight against trade frauds and illegal transshipment, said Deputy Minister of Finance Vu Thi Mai.

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Car imports would continue to increase due to stronger demand from the domestic market, causing negative impacts on local car production and the country’s trade balance, said the Ministry of Industry and Trade.

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